Energy Focus (EFOI) Beats, Surging AH

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04:30:04 pm on May 13, 2010

Energy Focus (EFOI)  reported after the bell today and posted a narrower loss of .17/share (3 cents better than expectations).  Revenues surged over the year ago quarter to $8.5 million but $5.3 million of that was due to their acquisition of Stones River Companies, so take out the SRC results and you really have a company that really isn’t making any progress.

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The SRC acquisition was a good one though and it’s already paying dividends.  CEO Joe Kaveski commented on the deal:

“I’m absolutely delighted with the performance of our SRC solutions business in the 1st Quarter.  With $19 million in lighting contracts secured for business we expect to complete in 2010 and $8.4 million in sales recorded for the quarter, Rob Wilson and his team at SRC have helped Energy Focus achieve a great start to the year. We expect to see continued good performance from SRC in the 2nd Quarter as it implements already secured contracts and continues to bring in more.”

Looking to next quarter, the company sees revenues about in line with this quarter at $8.5 million (60% coming from SRC).

Traders appear to look the report and contribution of SRC.  The stock is surging nearly 15% in after hours trading.  Technically, the big line in the sand is the 1.50 level which it hit in January and again a few days ago before reversing sharply. 

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